This is a real, specific tax and reporting concept worth explaining precisely rather than vaguely. In the U.S., certain physical gold and silver purchases are not subject to Form 1099-B broker reporting at the time of purchase, unlike stock trades. However, this does not mean gains are tax-free.

Per IRS guidance, physical gold and silver held outside a retirement account are typically taxed as collectibles when sold at a profit, at a top federal rate of 28% for long-term gains, higher than the standard 15-20% long-term capital gains rate on stocks (IRS Publication 550 and Section 408(m) related guidance).

You are still legally required to report and pay tax on any taxable gain when you sell, regardless of whether the dealer filed a 1099 form. “Non-reporting” describes a dealer’s filing obligation, not your own tax obligation, an important distinction the IRS is explicit about.